How is FISIM measured? FISIM is measured in principle as the difference between the interest receivable by financial intermediaries on
their loan and deposit assets and the interest payable on deposit and loan liabilities.
To estimate separately FISIM paid by lenders and borrowers, the concept of a “reference” rate of interest is
suggested in the 1993 SNA. A reference rate represents the pure cost of borrowing funds. The type of rate chosen as
the reference rate may vary from country to country, but the 1993 SNA suggests that either the inter-bank lending
rate or the central bank lending rate might be used. It is possible also that the reference rate may vary between
different markets in a single country. Given the reference rate, FISIM could be calculated as follows:
(h) For those to whom financial intermediaries lend, FISIM is the difference between the interest actually charged
on loans and the amount that would be charged if the reference rate were used;
For those from whom intermediaries borrow in the form of deposits and/or loans, FISIM is the difference between
the interest that would be earned if a reference rate were used and the interest actually earned.
The 1993 SNA states that the property (investment) income receivable by financial intermediaries from the
investment of their own funds should be excluded from the estimation of FISIM.
c
